Electric Vehicle Depreciation: Values Plummet by 50%

Rapid Decline in EV Resale Prices

The depreciation of electric vehicles (EVs) has accelerated alarmingly, with some models losing up to $600 per day in value.

According to a recent study, the average used EV price has plummeted from $63,069 in September 2022 to $33,645.

Key Factors Driving Depreciation

• Saturation of the used EV market
• Increased competition from newer EV models
• High initial purchase prices of EVs
• Government incentives for new EV purchases